Bitcoin rose over the weekend as escalating tensions in the Middle East sent oil prices sharply higher, prompting investors to assess the potential fallout on global markets.
The world’s largest cryptocurrency was trading at around $72,950 on Sunday, up about 2.5% over the past 24 hours, according to CoinGecko data.
The move came after a volatile weekend in which Bitcoin briefly fell as low as $70,500 before rebounding as traders digested the latest geopolitical developments.
With oil markets now focused on the risk of disruptions to energy flows across the Strait of Hormuz, traders across asset classes are closely watching for signs that the conflict could expand and spill over into broader financial markets.
Crude oil jumped about 3% late Sunday, climbing to around $100 a barrel, marking its highest level since July 2022, as the conflict involving Iran entered its third week following U.S. strikes on military installations on Kharg Island, a key hub for the country’s oil exports.
In a job. job On Saturday on Truth Social, President Donald Trump said U.S. Central Command carried out “one of the most powerful bombing raids in the history of the Middle East,” targeting military sites on the island.
Trump said the United States had deliberately avoided hitting Iran’s oil infrastructure, but warned the decision could change if Iran interfered with shipping through the Strait of Hormuz, a narrow corridor that carries about a fifth of the world’s oil supply.
Kharg Island handles around 90% of Iran’s oil exports, making it one of the most strategically sensitive energy infrastructures in the region.
The price of oil is important for Bitcoin. Rising energy prices and resulting inflationary spikes complicate the Federal Reserve’s path to further rate cuts, extending a higher regime for longer and tightening global liquidity.
Although developments in Iran have rattled commodity markets, the conflict largely left risk assets relatively stable Sunday evening.
U.S. stock futures edged higher, with Dow Jones futures up 0.15%, S&P 500 futures up 0.15% and Nasdaq-100 futures up 0.14% at 24,640.
Bitcoin’s price action this weekend reflects uncertainty, although its performance since the war began on February 28 has remained resilient, with analysts pointing to crypto-specific demand rather than broader macro decoupling.
Prices briefly climbed above $73,475 late Friday before retreating after initial headlines surrounding the strikes. The crypto then stabilized on Saturday and Sunday, gradually rising above $72,000.
The rebound suggests that crypto traders are weighing geopolitical risks against continued demand for digital assets, although others have warned that further damage to the global economy could result if the war persists.